Crucial jobs report watched for repeat of July shock
Published On Sep 2, 2024, 6:45 AM
The S&P 500 had its fourth consecutive winning month in August, with notable performances from the Dow Jones and Nasdaq. However, attention is now shifting to the upcoming August jobs report, which will provide insights into the labor market's health. This follows a weak July report where only 114,000 jobs were added and unemployment rose to 4.3%. Economists anticipate improvement in August, predicting an addition of 163,000 jobs and a decrease in the unemployment rate to 4.2%. This data, along with updates on wages and job openings, will influence the Federal Reserve's decisions on interest rates, with speculations of potential cuts in September. Corporate earnings reports from companies like Broadcom and Dick's Sporting Goods will also be of interest, amid general caution in the tech sector following Nvidia's mixed earnings results.
Stock Forecasts
AVGO
Positive
Considering the expectation of a positive jobs report that might lead to favorable sentiments in the market and potential interest rate cuts from the Fed, stock prices of companies likely tied to job growth and economic resilience could rise.
NVDA
Negative
Broadly, companies that have recently shown weak performance could have negative sentiment if economic reports do not meet expectations. This applies particularly to Nvidia, which has struggled despite good earnings due to slowing growth expectations.
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